Targets for value-based management

Based on long-term interest rates derived from the capital market and the target capital structure (fair value of equity to debt = 2:1), the minimum required rate of return on invested capital defined for the Automotive Division remains unchanged at 9%. Due in particular to the adverse effects of the special items on earnings, we fell considerably short of the minimum required rate of return in the reporting period, with a return on investment (ROI) of −0.2% (see also chapter RoI and value contribution). Invested capital will increase in 2016 as a result of the investments in new models and in the development of alternative drives and modular toolkits. The return on investment will be up substantially year-on-year, above the minimum required rate of return on invested capital of 9%.